Is Tesla the Only Car You Can Buy With Bitcoin?
As everyone knows by now, Tesla is not an ordinary automaker. Led by innovator Elon Musk, the groundbreaking company seems to play by its own set of rules. From battery-powered cars to SpaceX rocket launches, Musk enjoys exploring new territories. Earlier this year, Tesla became the first car manufacturer to accept Bitcoin as a form of payment when purchasing a new vehicle.
However, Tesla is no longer the only game in town when it comes to digital currency. Several other companies now allow consumers to buy many different car brands and models from dealerships across the country using bitcoin.
Why Tesla is demanding clean energy
Last month, in a surprise move, Musk announced Tesla was no longer accepting Bitcoin for vehicle purchases. According to RoadShow by CNET, Tesla “suspended its policy of trading the Bitcoin it already has until the currency transitions to a more efficient, sustainable energy source.”
Musk is an advocate for the reduction of fossil fuel use in the automotive industry. He claims Bitcoin mining utilizes coal energy, which is “the worst emissions of any fuel.” Climate scientists concurred, claiming the cryptocurrency’s popularity is creating a newfound demand for electricity. The Bitcoin mining process involves complex mathematical equations used to solve currency computations.
Researchers believe the increased demand for electricity will create excessive carbon emissions. In a tweet, Musk said, “Cryptocurrency is a good idea on many levels, and we believe it has a promising future, but this cannot come at great cost to the environment.” Therefore, Tesla will no longer sell Bitcoin until “mining transitions to more sustainable energy.” They are also looking into other forms of digital currency that will not exploit fossil fuels and will utilize sustainable energy sources.
Tesla is not the only car you can buy with Bitcoin
Auto Coin Cars have a vast dealership network in the United Kingdom. They recently started offering online vehicle purchases using Bitcoin as a form of payment. The company offers everything from a standard Ford economy model to a high-end luxury Lamborghini sports car. They claim purchasing a vehicle with cryptocurrency is similar to a conventional car buying experience, saying, “The only real difference is which wallet your money is coming out of.”
The company’s online service simplifies the car buying experience by suggesting that consumers browse the extensive selection to find their new dream car. The next step is to set up a test drive if desired, make a deposit, and purchase the vehicle.
It is unclear if Auto Coin Cars are following Musk’s lead, but recently they temporarily stopped accepting Bitcoin for new vehicle purchases. The website states, “Crypto transactions are currently not available. We are working hard to get these back online.”
Buying a car using cryptocurrency
Car and Driver reported that Post Oak Motor Cars, a luxury car dealership in Houston, Texas, is currently accepting cryptocurrency, saying they have already sold 17 high-end automobiles using Bitcoin. On the dealership’s website, a 2021 Rolls-Royce Ghost is selling for $419,125. However, a spinning gold coin alerts potential buyers that cryptocurrency owners have the option of “a new way of buying their luxury automobiles.”
A Kia dealer in Alabama, Carriage Auto Group, is also getting in on the digital currency trend. The only catch is consumers must use cryptocurrency to pay for the entire price of the car, including tax, tag, and title. Additionally, due to this process, financing options are not available. The website states, “we have watched the development of the currency closely, and we are now ready to accept payments for vehicles in Bitcoin.”
The car dealer explained, “Bitcoin is an open-source person-to-person electronic tender that uses cryptography to have secure and transparent transactions. Many precautions are in place to prevent double-spending, and money transfers are impossible to duplicate.”
Car and Driver predict Tesla will once again accept Bitcoin when mining becomes more environmentally friendly, having said, “cryptocurrency will become a medium of exchange there again sooner or later.”